The S&P BSE Sensex rose 637.49 points (2.03 per cent) to end the day at 32,008.61, while the Nifty 50 settled at 9,383.55, up 187.00 points (2.03 per cent). Both the indices had opened nearly 4 per cent higher earlier in the day but pared some of their early gains in afternoon deals.

On Tuesday evening, PM Modi announced that India’s combined economic package would be worth Rs 20 lakh crore or 10 per cent of GDP, which would make India self-reliant and position it for the post-COVID-19 world.

“The package built on reforms relating to land, labour, liquidity and laws indicate that it aims to convert the present crisis into an opportunity to build a self-reliant India. The package and the highly confident and stimulating articulation will be a major morale boost for the markets,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said in a statement.

All the sectoral indices on NSE except Nifty Pharma and Nifty FMCG ended higher on Wednesday. The key Nifty Bank index rose 4.09 per cent led by Bandhan Bank, IDFC First Bank and Bank of Baroda. Apart from this, the Nifty Financial Services index rose 3.35 per cent led by Indiabulls Housing Finance and REC.

Here’s how the sectoral indices performed:

Sectoral gainers and losers of the day on the National Stock Exchange. (Source: NSE)

“The focus now shifts to Finance Minister Nirmala Sitharaman’s press conference at 4 P.M. where she will divulge details of the Rs 20 lakh crore relief package announced by Prime Minister Narendra Modi on Tuesday,” Deepak Jasani, Head – Retail Research at HDFC Securities said in a statement after the market hours.

Rupee

The rupee appreciated by 5 paise to 75.46 against the US dollar on Wednesday as fiscal stimulus by the government bolstered investor sentiment, news agency PTI reported.

At the interbank foreign exchange, the rupee opened on a strong note at 75.31, but during the day the domestic unit lost most of its gains and finally settled at 75.46 against the greenback, registering a rise of 5 paise over its previous close. During the trading session the domestic currency witnessed an intra-day high of 75.30 and a low of 75.50. On Tuesday, the local unit had settled at 75.51 against the US currency.